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New York city has its own income tax rate of 3.9% for high earners. This can be quite a bit of money for hedge fund managers/owners. I've read that some of them
by njarboe 6y ago
New York city has its own income tax rate of 3.9% for high earners. This can be quite a bit of money for hedge fund managers/owners. I've read that some of them live outside NYC to avoid the tax but need to hire a full time person to document and make sure they are not counted as a NYC resident by the city. You can only spend so many nights in NYC and not be counted as a resident, show proof of you being somewhere else, etc.
Income taxes has so many bad consequences. It would be great to ban it and replace it with land value taxes.
- ghaff 6y agoThe letter of the law in a lot of places can be even worse than that. [1] There's been federal legislation proposed but AFAIK, nothing has been passed. A lot of states theoretically require you to file a tax return even if you only travel there for a day. Of course, I'd be shocked if pretty much anyone complied with that for sometimes travel. But it means lots of people are basically committing tax fraud; many/most probably don't even know they are. [1] https://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2013/12/12/road-warrior-state-income-tax-laws-vary-widely https://www.pewtrusts.org/en/research-and-analysis/blogs/sta...
- njarboe 6y agoI did on internship in Texas when living in California. I had to pay California state income tax on what I earned there. Luckily Texas has no state income tax or I would have been paying in both states.